DISCUSSION & ANALYSIS 3Q 2017 20 OCT 2017 172 80 92 199 108 91 262 173 89 Operating Revenue Billboard Street Furniture 3Q 2016 2Q 2017 3Q 2017 3Q 2017 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 3Q

Street Furniture media under 22 BTS stations allowing MACO to offer higher visual impact advertising and more creative content for brands. Street Furniture media has already started commercialisation in

AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 181 91 90 190 102 88 199 108 91 Operating Revenue Billboard Street Furniture 2Q 2016 1Q 2017 2Q 2017 2Q 2017 CONSOLIDATED P&L SNAPSHOT

Billboard initiated by GREYNJ UNITED agency which was presented on MACO’s large-format billboard was granted Gold award from ADFEST 2018 TRANSFORM in Best use of Billboard & Street Furniture, Large/Highway

the asset manager for all Master Ad Public Company Limited’s (“MACO”) domestic Outdoor media, including Static and Digital billboards and Street Furniture media (BTS Columns and flyovers); while MACO

(ii) rental income growth of 9.9% YoY or THB 16mn from 33 Gracechurch Street office building, being partially offset by lower revenue of THB 2mn from Underwood Street office building (THB 6mn in the

received approval to renovate street furniture media on BTS columns, which is expected to be a key growth driver for 2019. January • Continued the process towards digitisation by replacing static billboards

932 584 348 Operating Revenue Billboard Street Furniture 2016 2017 2017 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 2017 PERFORMANCE ANALYSIS (YoY) 2017 was a year of high record revenue and

Mr. Kittisan Mookdee During July - October 2016, three former directors and executives of K.C. Property Public Company Limited (“KC”) and Modern Street Company Limited (“Modern Street”), which is a

Mr. Teerasit Sangngern During July - October 2016, three former directors and executives of K.C. Property Public Company Limited (“KC”) and Modern Street Company Limited (“Modern Street”), which is